In This Federal Budget Edition:
The budget announcements contain a suite of tax and superannuation measures aimed at increasing housing stock and improving housing affordability. While the government has not gone close to clamping down on the political and social hot potato of negative gearing, it has taken some steps to restrict the travel expense and depreciation tax breaks enjoyed by investors.
Last year, many individual taxpayers received small "cake and coffee" tax cuts (so called because they averaged around $6) which were touted as an important first step to addressing bracket creep; but one year later, the government announces that the Medicare Levy will increase by 0.5% to 2.5%, which will surely eat into those tax cuts (for those lucky enough to have received them).
Last year's budget was one for small businesses. This year, the small gift is a one year extension of the $20,000 instant asset write-off for 2017-18. Unfortunately, the government will tighten access to the small business CGT concessions.
Please contact us for clarification, or further advice, regarding any of the topics covered in this newsletter.
Click here to view our Federal Budget Newsletter...
TIME RUNNING OUT ON PERSONAL TAXES
Individual taxes for most people must be lodged by May 15 to avoid the risk of ATO penalties.
If your July 1, 2015 to June 30, 2016 return has not been lodged or signed, it may pay you to act quickly by contacting us as soon as possible.
For late lodgements, it is usually better to ask for an extension in advance rather than trying to have the ATO fines for late lodgement overturned.
Please contact us as soon as you can if you are in this position.
MAJOR SUPER CHANGES ON JUNE 30
While superannuation is not something most of us readily think of, it is without doubt the most tax-effective way to save your retirement.
The Federal Government is introducing major Superannuation changes after June 30, which may require people to adjust their superannuation strategies this financial year.
G J Barnett & Associates has several trusted alliance partners who are able to give you advice on these strategies if you need it.
We are also able to set up and administer Self Managed Superannuation Funds, which can help you control how your Super is invested and is a good tool for longer-term property investment.
Please contact us before June 30 if you would like to discuss your Superannuation position and we can help you or point you in the right direction.
GJB's Online Portal
Click here to find out more about our Online Portal to save you time and much more.
Should you require more information regarding any topic covered in our newsletter, please contact GJB on 02 9686 3130 for advice on #yourself, #yourbusiness or #yoursuper.
Drop in for a coffee and a chat?
Disclaimer: All information provided in this newsletter is of a general nature only and is not personal financial or investment advice. Also, changes in legislation may occur frequently. We recommend that our formal advice be obtained before acting on the basis of this information.